Seminar promotes Hong Kong advantages for Canada

Hong Kong is ready to partner with Canadian entrepreneurs to capture opportunities under the Belt and Road Initiative.

That was the sentiment of Kathy Chan, director of the Hong Kong Economic and Trade Office (Toronto), who spoke at a business seminar in celebration of the 20th anniversary of the Hong Kong Special Administrative Region (HKSAR) on Oct 19 in Toronto.

"There will be lots of opportunities ranging from infrastructure to trade and investment," Chan said.

The seminar, titled "Succeeding in Asia and Beyond through Hong Kong", promoted Hong Kong's unique role as a gateway to Asia.

"Hong Kong's strategic location at the centre of Asia, our status as an international financial centre, our deep pool of professional talent, especially in consulting, risk assessment, project management, legal advisory and dispute resolution services, and our extensive international trade networks can help Canadian businesses to tap into the vast market of the Belt and Road region," she said.

Proposed by Xi Jinping in 2013, the Belt and Road Initiative aims to build a trade and infrastructure network connecting Asia with Europe and Africa along and beyond the ancient Silk Road trade routes. It comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road.

Carrie Lam, the chief executive of the HKSAR, announced in a policy address last week that two important tax measures would be implemented.

"We will lower the corporate profits tax rate for the first $2 million earned by enterprises (about C$300,000) by half from 16.5 percent to 8.25 percent, and additional tax deduction will be provided to encourage research and development (R&D)," she said.

Charles Ng, associate director-general of investment promotion for Invest Hong Kong of the HKSAR government, attended the seminar and gave a keynote speech on Hong Kong's advantages. He said Hong Kong is also an ideal gateway to Southeast Asia, a fast-growing region with a rapidly expanding middle class.

Ng noted that Hong Kong has been pursuing a free trade agreement with the Association of Southeast Asian Nations (ASEAN) to further strengthen trade relations.

Both sides concluded negotiations in September and expect to sign the free trade agreement and a related investment agreement in November.

"When the agreements come into force, Canadian companies can enjoy the facilitation measures to tap into the ASEAN market if they use Hong Kong as a base in Asia or partner with Hong Kong service providers," Ng said.

renali@chinadailyusa.com